New Delhi: Drug firm Abbott India on Thursday posted 71.42% rise in its net profit to Rs50.93 crore for the first quarter ended 30 June.

The company had posted a net profit of Rs29.71 crore for the same period of previous fiscal.

Net sales of the company rose to Rs516.91 crore for the first quarter, as compared to Rs429.68 crore during the same period of previous fiscal, Abbott India Ltd said in a filing to the BSE.

In 2010, Abbott acquired both the pharmaceutical business of Solvay, which had a presence in India, and Piramal Healthcare Solutions, which was part of Piramal Group.

These transactions made it one of the largest health care companies in the country. It now employs about 14,000 people in India, making it the firm’s largest employee base outside the US.

Shares of Abbott India were trading at Rs2,330 apiece on the BSE, up 7.08% from its previous close.